Renting a Room in a House: What to Know
Renting a room in a house is a great way to save money and make new friends. While this is different from renting an apartment or buying a house, it offers economic benefits and allows you to quickly find something that is affordable. Since many people live in the property or unit, tenants reduce their expenses considerably. For example, if a three-bedroom house was normally rented for $ 2,400 per month, renting a room with two other people or tenants, the rental price could drop to $ 800 per month. We’re going to walk you through some other pros and cons of renting a room in a house so you can weigh your options before making a decision.
Why rent a room in a house instead of buying an apartment?
What’s great about the new price is that you get your single room, but you also have more space to live. Rather than having a studio or bedroom where you might have tight spaces and less square footage, you’ll often have a large living room, kitchen, and maybe even a yard or balcony.
What is it like to rent a room in a house?
When renting a room, it gives you your private space as well as access to the rest of the living space. Additionally, if the landlord charges for utilities, the bills tend to be split among tenants for things like water, electricity, gas, garbage, internet, or cable. This cuts down on overall expenses and saves you money for future purchases or vacations. Instead of coming home to a quiet apartment, you can come home with friends, people chatting and laughing, and dining with the community that is your home.
What should you consider when renting a room in a house with other roommates?
You might have shared resources, but sometimes it can deplete them faster. Roommates can have different personalities and, of course, come with possible responsibilities. It is important to check with roommates to find out their interests and to see if you have shared values. While friends may seem like the best way to go, friendships can sometimes be negatively affected by living together and the challenges that come with it. Take the time to discuss with potential roommates their expectations regarding shared responsibilities like cleaning, food, and paying rent, and create a task board, if necessary. Often times, one person in the house will put all utilities, such as Wi-Fi, electricity or water, to their name and you will pay for them through a bill split app or in cash. Make sure expectations are set when sharing bills with roommates, such as when payments are due each month, to avoid miscommunication.
Who might want to rent a room in a house?
A lot of people might consider renting a room in a house, but it’s a great idea for new tenants because they can save money and learn to practice financial independence. College students often like to have roommates because they can organize gatherings like study sessions or meetings. Other people who might consider renting a room in a house are those who are in a new location and are moving in. This allows a newcomer to learn the surroundings and take the time to familiarize themselves with the area without incurring significant rental costs.
Do you pave a property manager when renting a room in a house?
Some homes may work through a property manager or a property management company. In these scenarios, it is possible for the property manager to lay down the ground rules of what each should do with regards to the division of responsibilities. It helps smooth things out if everything is decided in advance.
How do I find roommates to rent a room in a house?
Start by asking your friends and family – sometimes people will hear about things where others are looking for a similar situation. There are also websites you can use to find roommates, like Craigslist and Zumper. After you’ve selected a few people, sit down in a cafe or restaurant and discuss expectations before signing a lease. Be sure to ask all the questions you want to know about your potential roommate and
How do people approach things like shared responsibilities and leases?
Signing a lease is always a shared responsibility when you have roommates and rent a room in a house. You will also need to pool resources for the first month’s rent and the security deposit. While it might seem scary to do with others, if you pick the right people, you will have a great experience. The key word in this situation is respect. Usually you all co-sign the rental agreement and separate the cost of the security deposit and the handling fee if there is one. However, it can be a good thing for your wallet.
What is an example of how renting a room in a house is a good idea?
Consider the expense of a studio – let’s say it costs $ 1,000 per month in Denver, Colorado. If you’re going it alone, you’ll need $ 1,000 for the first month’s rent, an additional $ 1,000 for the security deposit, and, say, $ 50 for the administration fee. This means that you will need $ 2,500 before you even add the moving costs. However, when you rent a house with two or three people, you cut those upfront costs by almost a third, while still getting more space in the process.
Ultimately, renting a room as part of a house with other tenants has its pros and cons, but it’s a big consideration for anyone looking to save money or make friends. . Ask lots of questions of the landlord and potential roommates in advance and let everyone take on the agreed responsibilities so that no issues arise.
Ready to find a room in an apartment or a house? Search thousands of places to rent on Zumper and make sure they’re right for you before signing a lease.